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Tech rally boosts Japan stocks
TOKYO, Japan -- Japanese stocks have opened firmer on Monday as several tech issues such as electronic parts maker Kyocera Corp gained after a rally in chip giant Intel Corp of the United States late last week. The Nikkei average was up 0.23 percent to 8382.21 in early trading, and the broader TOPIX index was up 0.01 percent at 818.85. Kyocera rose 0.81 percent to 6,260 yen and consumer electronics giant Sony Corp gained 0.45 percent to 4,510 yen, after Intel rose 3.4 percent on Friday following a raising in Lehman Brothers' per-share profit outlook for Intel. But the major indices' topside was limited as banks remained under pressure ahead of their planned capital-boosting. "When we have few market-moving factors, the market tends to fall," said Masayoshi Okamoto, head of dealing at Jujiya Securities, referring to recent weakness in the banking sector. Japan's top four banks have recently announced plans to collectively raise over two trillion yen ($16.9 billion) in new capital, prompting fears of a dilution in share value. Recent sellers included speculators as well as those who are hedging before purchasing the shares. Mitsubishi Tokyo Financial Group, Japan's third-biggest bank, fell four percent to 503,000 yen as the bank is to set share offering terms this week. Before the market opened, a Reuters survey showed that Japanese manufacturers were in a downbeat mood for the sixth straight month in February. The Reuters/Nomura/JMMA Purchasing Managers Index showed war worries had led some companies to step up purchases of basic materials as a precaution against price rises and supply shortages, but overall stock levels continued to fall. The overall PMI, which gives an early snapshot of trends in manufacturing activity, slightly improved in February to a seasonally adjusted 48.1 from 47.8 in January, when the reading fell to its worst level in 10 months. Deficit blowoutThe index stayed below the neutral 50 mark for the sixth month running. In South Korea, the key Kospi index shrugged off tensions in the region over North Korea to be 1 percent higher at 581.13 in early business. In Australia, the S&P/ASX 200 index was also firmer, up 0.3 percent to 2807.6 around noon local time, despite news of a blowout in the nation's current account deficit to $7.03 billion. Media major News Corporation had firmed A17c to $A10.36 while flagship carrier Qantas was A7c higher at $A3.15 a share. Across the Tasman Sea, the NZSE Top 40 index had weakened, losing 0.3 percent to 1875.60 by mid afternoon. In Singapore, the StraitsTimes index was 0.29 percent stronger at 1277.55 shortly after the open. Reuters contributed to this report.
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